According to reports, a Pennsylvania Democratic lawmaker on Aug. 20 filed a bill that would tighten rules around elected officials and cryptocurrency. Rep. Ben Waxman of District 182 introduced House Bill 1812 with eight Democratic co-sponsors.
The measure would bar public officials from profiting from crypto while they hold office, and it carries clear penalties for violations.
Who The Bill Would Cover
If enacted, HB1812 would change Title 65 of the Pennsylvania Consolidated Statutes. It would forbid public officials and their families from making crypto-related transactions over $1,000 while in office and for one year after leaving.
Officials who already hold crypto would have to divest within 90 days of the law taking effect. Penalties include fines up to $50,000 and, in serious cases, prison terms of up to five years.
The bill now sits in the Pennsylvania House and must clear committee review before a full floor vote.
JUST IN: 🇺🇸 Pennsylvania to ban public officials from owning Bitcoin or crypto if new bill passes.
Violations would result in fines or jail time. 😳 pic.twitter.com/EUUp7GuqaL
— Bitcoin Archive (@BTC_Archive) August 21, 2025
The Move Ties To High-Profile Crypto Activity
Based on reports, Waxman framed the bill as a response to high-profile crypto ties at the federal level. He singled out US President Donald Trump, saying the president’s growing crypto ventures — from memecoins tied to his name to projects under World Liberty Financial — raise ethical concerns.
Critics in Waxman’s camp argue these ventures can blur the line between public duty and private gain. Allegations have circulated that the Official Trump token and related projects cost investors large sums, and those claims have helped fuel calls for tighter rules.
Federal Proposals Mirror State Effort
Democratic lawmakers in Congress have floated similar ideas, including the Stop TRUMP in Crypto Act and the COIN Act.
Those bills would bar the president, vice president, members of Congress, and their families from issuing or promoting tokens while in office.
Reports disclose that figures like Rep. Maxine Waters have warned that tokens tied to political figures could be used by foreign actors to influence or exploit markets.
That warning has been part of the broader push to add guardrails around digital currency and public office.
What Supporters And Critics Say
Supporters of HB1812 say the measure is a straightforward ethics rule: no public servant should enrich themselves through crypto schemes while in office.
They argue the sector’s volatility and light regulation make it especially prone to abuse.
Opponents are likely to call the bill overly broad or say it could chill private investment by public servants, though formal Republican responses to the bill were not detailed in the initial filing.
Featured image from Unsplash, chart from TradingView
